Sales Performance - In May 2025, BYD sold 382,476 vehicles, a year-on-year increase of 15.3% [2] - Overseas sales of passenger cars and pickups reached 88,640 units [2] - Sales breakdown: Dynasty and Ocean series sold 348,393 units, Fangchengbao sold 12,592 units, Tengshi sold 15,806 units, and Yangwang sold 139 units [2] European Market Expansion - On May 21, 2025, BYD launched the Dolphin (BYD DOLPHIN SURF) in 15 European countries [3] - BYD has entered over 30 European countries, marking the Dolphin as the eighth pure electric model launched in Europe in three years [3] - The company aims to meet consumer demand for green travel through technological innovation [3] Super e Platform Highlights - The Super e platform features groundbreaking technologies including fast-charging batteries, 30,000 RPM motors, and next-gen silicon carbide power chips [4] - Achieves a charging power of 1 MW (1000 kW) and the fastest charging speed of 1 second per 2 km, with a flash charge of 5 minutes enabling 400 km range [4] - The platform's single module single motor power reaches 580 kW, with a top speed exceeding 300 km/h [4] Charging Infrastructure - The introduction of megawatt fast-charging stations completes the megawatt charging ecosystem [5] - BYD's unique "dual-gun charging" technology allows supercharging piles to transform into fast-charging piles [5] - The "smart boost" charging technology is compatible with all public fast-charging piles [5] European Headquarters - BYD announced its European headquarters in Budapest, Hungary, on May 15, 2025 [6] - The headquarters will focus on sales, after-sales, vehicle certification, and local design, creating thousands of jobs [6] - Research will prioritize intelligent driving assistance and next-generation vehicle electrification technologies, collaborating with at least three Hungarian universities [6]

Sales Performance - In April 2025, BYD sold 380,089 vehicles, with passenger car sales reaching 372,615, marking a year-on-year increase of 19.4% [2] - Overseas sales of passenger cars and pickups reached 78,705 units in April, showing a significant year-on-year growth of 91.9% [2] Overseas Expansion - BYD's first electric vehicle production base in Cambodia was inaugurated on April 28, 2025, with a year-on-year order growth of 521% in Q1 2025 [3] - At the largest automotive exhibition in Cambodia, BYD captured 24% of total orders, becoming the top brand in terms of order volume [3] - Plans are in place to establish 10 brand stores in Cambodia by the end of the year, including a flagship store in Phnom Penh covering 15,000 square meters [3] Market Development in Australia - BYD has established 46 stores across seven major cities in Australia, offering a full product matrix including six models [4] - The brand aims to deepen its localization strategy to support Australia's transition to a zero-carbon future [4] Technological Advancements - BYD introduced the revolutionary Super e-platform, featuring ultra-fast charging batteries and a new generation of vehicle-grade silicon carbide power chips [5] - The charging power reaches 1 megawatt (1000 kW), achieving the fastest mass production charging speed of 1 second for 2 kilometers, and 400 kilometers of range in just 5 minutes [5] - The platform supports a single module single motor power of 580 kW, with a maximum speed exceeding 300 km/h [5] Charging Infrastructure - Plans are underway to build over 4,000 megawatt fast charging stations nationwide [6] - The company has developed a unique "dual-gun charging" technology, allowing supercharging stations to convert into fast charging stations [6]

Investment Rating - The report maintains a strong buy recommendation for BYD, indicating an expected stock price increase exceeding 20% compared to the benchmark index [4]. Core Insights - The company's Q1 2025 performance met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching CNY 170.36 billion, CNY 9.155 billion, and CNY 8.172 billion, respectively, representing year-on-year growth of 36.35%, 100.38%, and 117.80% [1]. - The sales gross margin was 20.07%, a decrease of 1.81 percentage points year-on-year, while the net profit margin increased by 1.72 percentage points to 5.54% [1]. - BYD's electric vehicle sales reached 1,000,800 units in Q1 2025, a year-on-year increase of 59.8%, solidifying its position as the global leader in quarterly sales of pure electric vehicles [7]. - The company reported significant growth in overseas sales, with over 200,000 units sold in international markets, marking a 110% year-on-year increase [7]. - R&D expenses for Q1 2025 were CNY 14.223 billion, a 34.04% increase year-on-year, accounting for 8.33% of revenue [7]. Financial Data and Valuation - Projected total revenue for 2025 is CNY 1,010.233 billion, with a year-on-year growth rate of 30% [3]. - The estimated net profit for 2025 is CNY 59.205 billion, reflecting a 47% increase compared to 2024 [3]. - The report forecasts earnings per share (EPS) of CNY 19.48 for 2025, with a price-to-earnings (PE) ratio of 19.0 [3][12]. - The company's total market capitalization is CNY 112.7 billion, with a circulating market value of CNY 43.11 billion [4]. Performance Metrics - The report highlights a significant increase in single-vehicle profitability, with a year-on-year increase of 31.31% to CNY 0.87 million per vehicle [7]. - The company's return on equity (ROE) is projected to be 25.9% in 2025, indicating strong profitability [12]. - The asset-liability ratio is expected to decrease to 69.2% in 2025, reflecting improved financial stability [12].

编号：2025-14 | 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名 | 华泰保兴基金、研究员、蔡煜 | | 称及人员姓 | 人保养老、研究员、黄一凡 | | 名 | 融通基金、研究员、唐皓 | | 时间 | 2025-04-09 9:30-10:30 | | 地点 | 比亚迪六角大楼 | | 上市公司接 | 吴越、黄悦 | | 待人员姓名 | | | | 问题一：公司超级 e 平台技术有哪些亮点？ | | | 答：2025 年 3 月 17 日，公司发布划时代超级 e 平台技术，推出 | | | 闪充电池、3 万转电机和全新一代车规级碳化硅功率芯片，核心 | | 投资者关系 | 三电全维升级。在充电速度上，实现充电功率 1 兆瓦（1000kW）， | | 活动主要内 | 实现全球量产最高峰值充电速度 1 秒 2 公里，达到全球量产最快 | | 容介绍 | 充电速度——闪充 5 分钟，畅行 400 公里；在性能上，达到 ...

一、摘要： 比亚迪发布超级e 平台，实现全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空调 等都做到了1000 伏，将电动车带入千伏时代。奇瑞汽车发布猎鹰智驾方案，分别为猎鹰500、700 和900 方案，功能定位方面与比亚迪、吉利汽车的智驾方案类似，基础版将实现高速NOA 和记忆泊车，高阶 版实现城市NOA 和代客泊车等功能，截至目前头部大厂均发布智驾方案，并于2025 年开启大规模量产 落地。 二、行业观点更新: 1、基本面动态：上周奇瑞汽车召开智能化战略发布会，重磅发布了"猎鹰智驾"智能化方案，并宣称 2025 年全品牌全系车型搭载。根据规划，奇瑞2025 年将推出30 余款高阶智驾新车，覆盖奇瑞全品牌全 系车型，涵盖燃油、混动、增程、纯电全动力形式，并在全球市场同步推进。 猎鹰智驾分为三大系列，猎鹰500 主打端到端大模型行泊一体智驾系统，支持高速NOA、城市记忆领 航、记忆泊车等高阶功能，轻松通勤、出行无忧；猎鹰700 在前者的基础上算力大幅提升，支持高速 NOA、城市NOA、代客泊车及车位到车位的全场景无缝融合，全域畅行、通行无界；猎鹰900 采用 VLA+世界模型新一代智驾系统， ...

Core Viewpoint - BYD's electric vehicle sales have surpassed one million units in the first three months of the year, indicating strong growth in the market for new energy vehicles [1][2]. Group 1: BYD's Sales Performance - In March, BYD's new energy vehicle sales reached 377,400 units, a year-on-year increase of 24.8%, with passenger car sales at 371,400 units, up 23.1% [1]. - For the first three months of the year, BYD's new energy vehicle sales totaled 1,000,800 units, reflecting a year-on-year growth of 59.81% [1]. - BYD is experiencing a "two-headed" growth trend, capturing both the 100,000 to 200,000 yuan market with its Dynasty and Ocean series, and the luxury market above 400,000 yuan with brands like Tengshi and Fangchengbao [3]. Group 2: Product and Technology Innovations - BYD launched the groundbreaking Super e-platform, featuring a 1000V high-voltage architecture and the world's first mass-produced 10C charging rate electric platform [3]. - The company has introduced limited-time pricing policies for certain models, with the Qin LDM-i starting at 89,800 yuan and the Song LDM-i at 119,800 yuan [3]. - The launch of the Yangwang U7, a flagship electric sedan, marks a significant advancement in electric vehicle technology, featuring a fully electric suspension system [4]. Group 3: Market Expansion and Future Goals - BYD aims to achieve a sales target of 5.5 million units by 2025, with expectations of over 90% growth in overseas markets [5]. - The company is also set to mass-produce its self-developed "end-to-end urban intelligent driving" technology within the year [5]. Group 4: Performance of New Car Manufacturers - Other new energy vehicle manufacturers have also reported significant sales growth, with XPeng Motors delivering 33,200 vehicles in March, a year-on-year increase of 268% [7]. - Xiaomi Motors delivered over 29,000 vehicles in March, with a target of 350,000 units for the year [9]. - Li Auto and NIO reported year-on-year increases of 26.5% and 26.7% in March deliveries, respectively, with NIO's total deliveries for the first quarter reaching 42,100 units, up 40.1% [9].

事件：2025年3月17日，比亚迪召开超级e平台技术发布暨汉L、唐L预售发布会。超级e平台三项核 心技术亮点：闪充电池、三万转电机和全新一代车规级碳化硅功率芯片，打破多项量产记录，其中充电 5分钟，续航400km+，的1OC超高倍率实现了"油电同速"。 核心元器件升级，储能护航10C闪充系统。超级e平台实现了1000V的全域超高压架构，核心源于自 主开发的1500V耐压SiC功率模块，采用了双面银烧结工艺、高耐温封装技术、一体化层激光焊接技术 等一系列创新技术。 10C闪充则依赖于自研的全球首款全液冷兆瓦闪充系统，其最大输出功率达 1360kW，比业迪计划建设4000多座兆瓦闪充站。而为实现10C闪充技术的普及，比亚迪提出双枪充电 +智能电驱升压+智能脉冲自加热技术全场景闪充解决方案。落地层面为适应电网，比亚迪提出创新兆 瓦闪充储能解决方案，配储最天充电功率为800kW，电网供给可以低至200kW。 多维创新造就闪电刀片电池。比亚迪通过分子级电解液超导设计、纳米级隔膜微孔设计、微米级电 极自适应重构三方面的优化实现了"超高速率离子通道"，电池内阻降低了50%；通过重新设计极柱来构 建双电子通道，产热降低了50 ...

Group 1 - On March 18, BYD opened high at 2.18%, with a stock price of 388.55 yuan [1] - On March 17, BYD held a Super e-platform technology release and pre-sale event for Han L and Tang L [1] - The company introduced the Super e-platform, featuring fast-charging batteries, 30,000 RPM motors, and a new generation of automotive-grade silicon carbide power chips [1]